Vietnamese lender F88 raises another $50m in debt financing

Photo credit: F88

F88, a financial services chain in Vietnam, said it has secured a new credit facility worth US$50 million from Lending Ark Asia.

This is the second deal between the two firms and comes after the Vietnamese company first secured a US$50 million loan from Lending Ark in November 2022.

Founded in 2013, F88 offers services such as loans, insurance, and money transfers at its 800 branches across the country. It is aiming for a domestic IPO by 2024.

For this round, F88 said that the new credit facility will be used to grow its distribution network and improve its technology. The company wants to reach over 10 million customers by 2025.

In the first half of this year, F88 reported a US$15.3 million loss, citing the increasing costs in managing risks as the reason. Earlier this year, a number of its branches was under investigation by local authorities for allegedly extorting its users in its debt collection activities.

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